Looking to open an RBC savings account? Here’s what you need to know about how fees and features compare between RBC savings accounts, plus the latest Royal Bank interest rates.
The RBC Day to Day Savings Account is a basic no-fee account designed for people who are just getting started with saving. The more money you deposit, the higher the interest rate you'll earn. Balances over $1,000 earn 0.01% interest and any balance under this amount will get you a rate of 0%. You also get free transfers to your RBC accounts and one free transaction per month.
No monthly fees
Earn interst on every dollar
Free transfers to other RBC accounts
No minimum balance required
Low interest rates
Only one free transaction per month, then it's $2 a transaction
The RBC Nomi Find & Save Account is a digital savings solution that uses predictive technology to automatically move small amounts of money from your linked RBC chequing account into savings based on your cash flow and spending patterns. Automatic Payment Protection ensures funds are moved back to your linked chequing account to cover upcoming payments and negative balances. The account comes with no monthly fees or minimum balance requirements and an interest rate of 0.15%.
The RBC Enhanced Savings Account offers tiered interest rates but is more suitable if you intend to maintain a high account balance as you earn 0% interest on balances up to $4,999.99. For larger balances, you'll earn 0.001%–0.010%. This account also includes 1 free debit transaction per month, then each transaction costs $2 but you can transfer funds for free to other RBC accounts.
The RBC High Interest eSavings Account is an online savings account that offers a promotional interest rate of 0.55%. There are no monthly fees or minimum balance requirements and you get free transfers to your other RBC accounts. You also get one free RBC ATM withdrawal per month.
To start saving for your child's future, you may want to open up an RBC Leo's Young Savers Account. This account is for kids aged 12 and under, and aims to set children on the right financial path. It advertises a $0 fee per month, and you'll earn an interest rate of 0.01% on all balances in this account.
No monthly fees or minimum balance
Free and unlimited debit and Interac e-Transfer transactions
The RBC High Interest eSavings account is the best option for those looking to grow their savings with ease. It offers no monthly fees, a competitive interest rate of 0.55% and no minimum balance requirements to earn this rate. You also get free transfers to your other RBC accounts and access to MyAdvisor, a digital platform that offers personalized savings plans, tips and advisor guidance to help you meet your financial goals.
Advantages of opening an RBC savings account
Here are some of the benefits that come with RBC savings accounts.
RBC Internet and mobile banking. If you sign up for an RBC savings account, you can bank online using RBC’s Online Banking web portal. If you prefer banking on your mobile device, you can do that on the RBC Mobile app.
RBC Digital Banking Security Guarantee. RBC guarantees full protection against transactions you didn’t make or approve.
RBC MyAdvisor. Get personalized savings plans, financial insights and goal-based recommendations, helping you make smarter financial decisions and stay on track with your goals.
Access to NOMI. If you already have an RBC chequing account, you have the option of enabling automatic transfers to your RBC savings account using predictive technology that identifies doable transfer amounts based on your chequing account activity.
Easy transfers between RBC accounts. All RBC savings accounts offer free transfers to other RBC accounts in your name.
In-branch and ATM access nationwide. RBC has one of the largest branch and ATM networks in Canada, which can be helpful if you prefer in-person support.
CDIC protection. RBC is a member of the Canada Deposit Insurance Corporation, so your deposits of up to $100,000 are covered if RBC fails.
Low interest. While RBC offers high promotional rates, its standard rates are relatively low, especially when compared to digital bank alternatives.
Transaction fees. Most RBC savings accounts charge fees for any transaction beyond transferring funds to your own RBC account.
What other types of savings options does RBC offer?
Beyond standard savings accounts, RBC also offers other vehicles to help your money grow through various types of specialized savings and investment accounts. These accounts often come with tax advantages or reduced currency conversion fees, which can allow your money to grow faster than it would in a standard savings account. You can also link many of these accounts to investment vehicles, which can accelerate your savings growth over the long term.
The types of specialized savings accounts RBC offers are:
Before you open an RBC savings account, make sure you meet the following eligibility requirements:
Age. In most cases, you need to be the age of majority in your province or territory.
Residency. You need to verify that you live in Canada and have a Canadian address.
Valid government-issued ID. You’ll need acceptable identification, such as a Canadian driver’s licence or passport, to verify your identity.
How to open an RBC savings account
You can open an RBC savings account online, in the RBC Mobile app, over the phone or in a branch. If you want to open your account online, you can follow these steps:
Head to RBC’s website and select the savings account you want to open.
Select Apply Online Now.
Input your full name, date of birth, phone number and email address.
Verify your identity by taking a picture of your government-issued ID and your face.
Set your Client Card PIN and online banking password.
Wait for an email confirmation and start using your account.
If maximizing your savings and earning the highest possible interest is your top priority, digital banks can be a strong alternative to RBC savings accounts. Online-only banks like EQ Bank, Tangerine and Simplii typically offer higher ongoing interest rates and frequent promotions because they have lower operating costs than big banks. However, these accounts rarely come with in-person services, so your choice ultimately depends on your financial priorities.
The Tangerine Savings Account is a no-fee, no minimum balance savings account. It's fully online with unlimited free transactions, free transfers and an interest rate of 4.50% for 5 months, then 0.30% thereafter. Compared with the RBC High Interest eSavings Account, Tangerine's promotional rate can be competitive but its ongoing rate tends to be lower once the offer ends.
Unlock competitive interest rates with the EQ Bank Notice Savings Account by agreeing to give 10 or 30 days' notice before withdrawing funds. Earn 2.75% interest if you choose a 30-day withdrawal notice period or 2.35% interest if you choose a 10-day notice period. These rates are much higher than what RBC savings accounts offer, making it a good option for savers who don't need instant access to their funds.
Simplii's High Interest Savings Account is a digital savings account with a promotional interest rate of 4.50% for the first 5 months. After the promo period ends, its standard rate falls to 0.3%–0.7%, and you'll only get a higher rate than what the RBC High Interest eSavings account offers if you have over $1,000,000 saved. The account also has no monthly fees, no minimum balance requirements and free transactions.
The Scotiabank MomentumPLUS Savings Account offers a combination of no monthly fees and a tiered interest structure that rewards you with rates between 0.20% and 0.45% if you leave your savings untouched for defined premium periods. Unlike RBC's savings accounts, this account requires you to avoid withdrawals to earn the highest interest rate, making it better for disciplined savers who don't need frequent access. Otherwise, you'll earn the base interest rate of 0.4%.
RBC savings accounts are a solid choice if you value no monthly fees, easy transfers between RBC accounts and access to digital tools like NOMI and MyAdvisor. The RBC High Interest eSavings Account is a stand-out option thanks to its competitive promotional rate of 0.55%. However, RBC’s standard interest rates are lower than digital alternatives like EQ Bank, Simplii and Tangerine.
Frequently asked questions about RBC savings accounts
RBC savings accounts don't come with monthly fees or minimum balance requirements. But you may face charges for debits, Interac e-Transfers and other bank services.
RBC savings accounts generally don't have minimum balance requirements. But be aware that some accounts, like the RBC Enhanced Savings Account, don't pay interest unless your balance reaches a certain threshold.
Yes, Royal Bank has a High Interest eSavings Account. This account pays interest on every dollar, has no monthly fee and no minimum deposit requirement.
The interest rate on the RBC High Interest eSavings Account is 0.55%.
You can activate RBC NOMI Find & Save in the RBC Mobile app. Once you're logged in to the mobile app or online banking, you can view your account balance(s), transaction history and statements.
For NOMI to work, you must have an RBC chequing account for at least 3 months. This enables NOMI to understand your financial patterns based on your banking activity. NOMI will transfer $50 per day from your chequing to your savings account, up to a maximum of 5X per week. Since NOMI Find & Save is personalized based on your transaction patterns, there may not be any transfers in some months.
RBC's Right Account Guarantee guarantees a refund of your monthly account fees for up to 3 months if you aren't completely satisfied with your account.
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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Earn a high interest rate on your US savings and pay zero monthly fees to sign up for this account.
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